If you’re considering some further study to kick your career along, an MBA might be just the ticket, with the Australian job market one of the top paying in the world for fully qualified students.
According to the latest Jobs and Salary Trends Report by career and education hub QS, Aussie MBAs are behind only Switzerland in terms of the salaries and compensation they receive with an average annual pay package of $115,000.
Not only is that right up there on global standards, it’s also head and shoulders above the regional average, where Asia-Pacific MBA compensation sits at $86,000.
“The high salaries reported by Australian business schools are partly a function of the strengthening of the Australian dollar, but even adjusting for this effect reveals an increase in MBA salaries in Australia, driven by the strong demand for MBAs amongst multinational employers across Asia and the strength of Australian business schools in recruiting and placing Asian candidates throughout the region,” the report explains.
The research surveyed 28,759 employers between 2012 and 2014, including 5,669 who were actively recruiting MBAs, whilst the remainder were recruiting only undergraduates or Masters students.
Needless to say, a good sample of employers around the world.
Importantly, demand for MBAs continues to grow, suggesting it’s a strong string to have in your bow in any economic climate. The report observes that from 1990 to 2012 worldwide demand for MBAs grew at an average compound annual growth rate of 15 per cent.
So where should you study?
Thankfully, one of the best places to pick up the books is right here at home.
The research found that in the Asia Pacific region, “some employers are willing to hire from local business schools at relatively low salary levels, whilst other Asian employers remain fully committed to hiring from top North American, European and Australian business schools and are often willing to pay the higher salaries expected by graduates of those schools, with a slight ‘cost of living’ adjustment.”
As to which university, the Jobs and Salary Trends Report sets out the top ten Australian MBA schools by average salary, with the University of Queensland taking home the chocolates.
If you’d like to dig a bit deeper, you can download the full 2014/15 Jobs and Salary Trends Report here.